3M (NYSE:MMM) Rating Lowered to Sector Perform at Royal Bank of Canada

3M (NYSE:MMM) was downgraded by investment analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Monday, Marketbeat reports. They currently have a $176.00 target price on the conglomerate’s stock, down from their prior target price of $207.00. Royal Bank of Canada’s price objective suggests a potential upside of 6.22% from the company’s previous close.

A number of other brokerages have also recently weighed in on MMM. JPMorgan Chase & Co. dropped their price objective on 3M from $154.00 to $143.00 and set an “underweight” rating for the company in a research note on Friday, May 17th. Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Morgan Stanley dropped their price objective on 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research note on Friday, March 22nd. Finally, Bank of America cut 3M from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and a consensus price target of $188.31.

NYSE:MMM opened at $165.70 on Monday. 3M has a 52 week low of $159.32 and a 52 week high of $219.75. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.02 and a quick ratio of 1.38. The stock has a market capitalization of $95.04 billion, a P/E ratio of 15.84, a P/E/G ratio of 1.82 and a beta of 1.09. The company has a fifty day simple moving average of $168.46.

3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, April 25th. The conglomerate reported $2.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.50 by ($0.27). 3M had a net margin of 17.43% and a return on equity of 57.42%. The firm had revenue of $7.86 billion during the quarter, compared to analyst estimates of $8.02 billion. During the same period in the previous year, the firm posted $2.50 earnings per share. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. Equities analysts expect that 3M will post 9.31 EPS for the current year.

In related news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average cost of $179.60 per share, with a total value of $179,600.00. Following the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $538,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Dillon bought 1,200 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average cost of $169.50 per share, with a total value of $203,400.00. Following the completion of the purchase, the director now directly owns 1,200 shares in the company, valued at $203,400. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,200 shares of company stock valued at $559,260 over the last three months. 0.83% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Physicians Financial Services Inc. lifted its holdings in 3M by 11.7% during the 1st quarter. Physicians Financial Services Inc. now owns 16,859 shares of the conglomerate’s stock worth $3,503,000 after buying an additional 1,763 shares during the last quarter. Steinberg Global Asset Management lifted its holdings in 3M by 52.6% during the 1st quarter. Steinberg Global Asset Management now owns 4,903 shares of the conglomerate’s stock worth $1,019,000 after buying an additional 1,689 shares during the last quarter. F3Logic LLC lifted its holdings in 3M by 254.0% during the 4th quarter. F3Logic LLC now owns 28,205 shares of the conglomerate’s stock worth $5,385,000 after buying an additional 20,238 shares during the last quarter. Madison Investment Holdings Inc. lifted its holdings in 3M by 27.0% during the 4th quarter. Madison Investment Holdings Inc. now owns 72,435 shares of the conglomerate’s stock worth $13,802,000 after buying an additional 15,392 shares during the last quarter. Finally, Vectors Research Management LLC lifted its holdings in shares of 3M by 16.0% in the 4th quarter. Vectors Research Management LLC now owns 725 shares of the conglomerate’s stock valued at $138,000 after purchasing an additional 100 shares during the last quarter. 66.65% of the stock is owned by institutional investors.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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